Snap Announces Earnings

Snap (SNAP), parent company of SnapChat, released their quarterly earnings this afternoon. Analysts expected a loss of 16 cents per share and revenue of $252.9 million. Snap announced a loss of 13 cents per share and revenue of $285.7 million, beating estimates on both. Snap also announced an accelerated user growth, with 187 million daily users and an average revenue per user of $1.53.

Snap is up 25% in after-hours, moving above its initial IPO of $17. Snap is down about 42% since inception, assuming a starting price of about $24.50, as the IPO price was well below bidding.

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